Spot prices of turmeric dropped on Wednesday despite lower arrivals. The fall was mainly due to average quality of turmeric offered for sale.
“Though we are having a few upcountry orders, prices were decreased as the buyers quoted price based on the quality.
“Quality hybrid variety arrived and the traders purchased the entire quantity quoting a slightly higher price. In the next few days more orders from North India is expected,” said R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He said that the turmeric futures market ruled flat and prices quoted at Rs 6,200 a quintal.
Growers said that they will only bring 3,000-4,000 bags of old stocks every day till the prices improve.
Of the 5,006 bags that arrived, 60 per cent stocks was sold.
At the Erode Turmeric Merchants Association Sales yard, the finger variety (new crop) was sold at Rs 4,261-6,499, the root variety Rs 4,085-5,739. The finger variety of old crop was sold at Rs 4,261-6,576; the root variety Rs 4,069-5,639.
Salem hybrid crop: The finger variety was sold at Rs 6,311-6,807, the root variety Rs 5,755-6,109. Of the 1,060 bags put up for sale, 452 were sold.
At the Regulated Market Committee, the finger variety was sold at Rs 5,346-6,379; the root variety Rs 5,299-5,920. Of the 549 bags on offer, 490 found takers.
At the Erode Cooperative Marketing Society, finger variety fetched Rs 5,259-6,649; the root variety Rs 5,111-5,899.
Of the 555 bags thar arrived, 549 got sold.
At the Gobichettipalayam Agricultural Cooperative Bank, the finger variety was sold at Rs 5,419-6,619; the root variety Rs 5,017-5,812. All nine bags kept for sale were sold.